UK Olympic companies eye contracts for Korea Games

British firms involved in the construction of the Olympic Park in east London
are being taken out to Korea on government trade missions in an attempt to
win lucrative contracts ahead of the 2018 Winter Olympics in PyeongChang.

The trade chief said the Olympics also delivered a significant boost to UK retail brands in Korea as 'Brand Britain' gains tractionPhoto: Getty Images

UK Trade & Investment is seeking to cash in on the reputation of British brands and companies following London 2012.

British companies including Tesco and Jaguar Land Rover have already made major inroads in South Korea, the 12th largest economy in the world. But trade officials expect the Winter Olympics in PyeongChang, in the north-east of the country, to prove rich pickings for companies that worked on some of the temporary venues at London 2012.

Douglas Barrett, head of trade and investment at the British embassy in Seoul, said he expected the organisers of PyeongChang 2018 to be interested in replicating some of the temporary structures in Stratford – such as the basketball arena – to keep costs down. “It [London 2012] was the first time people had seen venues that were temporary but didn’t look or feel temporary,” Mr Barrett said.

The trade chief said the Olympics also delivered a significant boost to UK retail brands in Korea as “Brand Britain” gains traction.

A chain of department stores, Lotte, ran a three-week “British shopping is great” event during the London Games, selling everything from Burberry to Lye Cross Farm cheddar cheese, which resulted in a $50m (£31m) increase in sales.